The past seven years have been an extraordinary journey.
We have moved from a world in which inflation was persistently too low to one marked by recurrent inflationary shocks; from a historically accommodative monetary policy stance to the fastest tightening cycle in the history of the ECB; and from a deeply integrated global economy to one increasingly shaped by fragmentation and geopolitical tensions.
As I reach the end of my journey here at the ECB, I would like to reflect on the lessons these experiences have taught me about the conduct of monetary policy in a world that has become less predictable.
My remarks today are personal reflections on how the experience of recent years has shaped my thinking about monetary policy and what it may teach us about navigating the challenges ahead.
There are four key takeaways.